When Xi Jinping assumed office as the president in 2013, he had pledged that the new administration would be committed to reform China\u2019s economy in a more market-oriented direction.This project of digitising the Yuan is not a new one at all, and has been underway since 2014, but details about it were released only last year. Further details like when this digital yuan is slated for official release is still unclear, but China is vying to be the first country to successfully do so to pose a challenge to the supremacy of the dollar around the world.It must be kept in mind that China is not the only country to think and work on Central Bank Digital Currencies (CBDC). But their project is by far the most advanced as of now.The digital infrastructure to use this CBDC is not something that the citizens are unaware of. Alipay and WeChat Pay are some of the existing digital platforms, where users can download digital wallets to store their money. The wallet then generates a QR code, which is scanned wherever payment has to be done. The digital yuan also works in a similar fashion.The banks have a crucial role to play in the success of this currency.As digitising the currency is an effort to reduce the number of banknotes and coins in circulation, the commercial banks will have to deposit the amount identical to the amount of digital yuan they distribute.If the digital currency is used, the Chinese policymakers will be able to track and trace how the money flows in the economy.This helps with curbing illegal activities and illicit flow of funds.China has had plans for world domination for a long time now, and internationalising the official currency is just a step towards that goal. Digitising yuan will thus be helping\u2026<\/p>","protected":false},"excerpt":{"rendered":"
When Xi Jinping assumed office as the president in 2013, he had pledged that the new administration would be committed to reform China\u2019s economy in a [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2529"}],"collection":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/comments?post=2529"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/posts\/2529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/media?parent=2529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/categories?post=2529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/es\/wp-json\/wp\/v2\/tags?post=2529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}